Euronet Worldwide Inc., a leading global financial technology solutions and payments provider, said Friday it acquired 500 non-branch automated teller machines of Bank of the Philippine Islands.
Euronet said in a statement the acquisition is part of the group’s strategy to expand its ATM network in Southeast Asia.
“The diversification of our ATM network outside of Europe where we already have a strong presence is an important element of our growth strategy,” said Euronet chairman and chief executive Michael Brown.
“This agreement positions us as a catalyst of ATM consolidation with our superior technology, operational services and extended presence globally. The new geographies we entered are already proving to be solid investments, and we will continue to be aggressive in seeking similar opportunities in all parts of the world,” Brown said.
The acquisition will more than double Euronet’s ATM footprint in the Philippines.
Under the agreement with BPI, Euronet will assume full responsibility for managing 300 of the acquired ATMs and integrating them with the company’s independent ATM deployment in the Philippines.
The remaining 200 ATMs will continue to be operated under the BPI brand with end-to-end operations outsourced to Euronet.
Euronet said BPI customers would not be charged to use these ATMs through a network participation arrangement.
“BPI’s partnership with Euronet reflects our strong commitment to continuously enhance the banking experience,” said BPI chief operating officer Ramon Jocson.
“Euronet’s global expertise in managing ATM operations ensures that our clients will continue to experience secure and convenient banking through our ATMs. We look forward to the many client-centric innovations that we can provide through Euronet in the future,” he said.
BPI will continue to own and operate more than 2,500 ATMs across the country.
Euronet Asia Pacific managing director Himanshu Pujara said the group is committed to providing the highest standards of service to the customers using these ATMs.